Buying a home in the US is no easy feat, and it can be especially difficult in expensive markets. High rental and home prices typically indicate strong demand, and some of the least affordable locations had prices increase by 15 percent in 2016.

A silver lining - the US housing market did improve last year - foreclosure rates dropped while home purchase rates increased. Economic experts predict the market will continue getting better, though interest rates are on the rise following the Federal Reserve's recent hike.

Advertisement

New York City-based analytics firm 24/7 Wall St. created a list of the nation's most unaffordable housing markets - areas that are experiencing higher rent and home purchase rates. The company examined US home and rental costs from an in-depth analysis by real estate firm ATTOM Data Solutions, which took its numbers from US Department of Housing and Urban Development statistics.